Gold eases as Brexit shock fades, good to go long above $1335
Major support - $1291 (61.8% retracement of $1250 and $1358)
Gold prices declined in Asia on Thursday after making a high of $1327 as investor booked profit and market await fresh clues on Brexit for further upside movement.
Technically Gold should break above $1335 for the continuation of upside movement. Any break above $1335 will take the yellow metal to next level $1358/$1372/$1392 (161.8% retracement of $1358 and $1304) level in the short term.
On the lower side, major short-term support is around $1290 and any violation below will drag the commodity down till $1280 (7 day EMA)/ $1257 (21 day MA)/$1250 (Jun 23rd low).
Overall bullish invalidation only below $1200.
It is good to buy above $1335 with SL around $1305 for the TP of $1358/$1372/$1390.
Gold prices declined in Asia on Thursday after making a high of $1327 as investor booked profit and market await fresh clues on Brexit for further upside movement.
Technically Gold should break above $1335 for the continuation of upside movement. Any break above $1335 will take the yellow metal to next level $1358/$1372/$1392 (161.8% retracement of $1358 and $1304) level in the short term.
On the lower side, major short-term support is around $1290 and any violation below will drag the commodity down till $1280 (7 day EMA)/ $1257 (21 day MA)/$1250 (Jun 23rd low).
Overall bullish invalidation only below $1200.
It is good to buy above $1335 with SL around $1305 for the TP of $1358/$1372/$1390.